Whether you’re just starting out with cryptocurrencies or you are a professional trader, Binance offers a wide variety of tools for engaging with digital asset markets. It’s straightforward to purchase and sell cryptocurrencies through the Binance platform. There are also some additional features that make the platform capable of handling complex trading operations, as well.

In this article, you are going to learn how to purchase, sell and trade cryptocurrencies on Binance exchange.

What is Binance?

Let’s start this Binance review by telling you where Binance is located: they have recently relocated to Hong Kong. This cryptocurrency exchange that has been gaining momentum over the past few months. The platform gives users access to a robust set of trading tools, charts and security features. The exchange was created by experienced professionals in the cryptocurrency space, and the most recognizable name behind this project is that of Changpeng Zhao, former CTO at OKCoin.

Binance was created after attracting funds via an ICO (Initial Coin Offering – creating a new digital asset, backed by the project), and it began live trading in July 2017.

Binance is known for its fast transaction processing as well as its low trading fees (0.1%). The Binance technology is capable of processing 1.4 million orders each second. This makes the platform a world leader in potential cryptocurrency exchange volume.

By offering both Basic and Advanced exchange interfaces, Binance provides professional traders with access to more complex options, such as margin trading, and it also makes it easy for beginners to execute simple trades.

Binance currently supports Chinese, English, Korean, and Japanese language.

Fees

Making deposits to Binance in any supported currency, creating an account online, and downloading the Binance mobile app is completely free. You may incur a fee when withdrawing funds from Binance. However, fees vary depending on the currency.

The fee structure at Binance is very competitive in the current environment. When trading on Binance, Binance charges a flat 0.1% fee on each trade. For a platform that doesn’t use a fee schedule, this is definitely one of the lowest fees in the industry.

Binance has issued its own token, BNB. This token can be used to pay any kind of fees incurred on the exchange. If you pay using BNB, you currently receive a 50% discount on the trading fee, 25% during the second year, and so forth – bringing it down to 0.05%.

How to Buy Bitcoin with Binance?

Binance currently deals only with cryptocurrencies and does not offer fiat/cryptocurrency pairings, which means that you will need to go elsewhere if you want to buy Bitcoin or another cryptocurrency with US dollars, Euros, or another fiat currency.

There are a number of cryptocurrency exchanges that allow fiat/crypto trades. However, Binance has announced that it does not plan to incorporate support for fiat trades.

How to Make a Trade on Binance?

You can view the markets on Binance without registering for an account. However, you will need to sign up and log in to actually make a trade.

Select “Register” from the main website. Follow the steps to create a new account. It’s important to note that you will probably need to verify your email address in order to activate your account.

Once your account is confirmed, you will be able to log in to Binance using your userID/email address and password. Be sure to double-check that the URL is correct and uses the https protocol to prevent phishing attacks.

To deposit funds into your account, click on the “Deposits Withdrawals” link under the “Funds” tab. From there you will see a list of supported currencies, so choose which cryptocurrency you’d like to fund your account with (Bitcoin is typically near the top) and click “Deposit”.

Binance provides you with a deposit address for the currency of your choice, and this is the address you will want to send your funds to. You can either use the provided QR code or copy the alphanumeric code.

Whether you’re keeping your funds on a third-party wallet or another exchange, just go there and send the funds to your Binance deposit address, either via QR or by pasting in the code.

Once the transaction has been confirmed, it will usually take a couple of minutes to process, so you may not see the transfer register instantly in your available Binance balance. It’s important to note that when a transaction is in the process of being confirmed, it may appear in the “In Order” tab.

Once your account has some funds, you can proceed with trading. To make a trade, navigate back to the exchange dashboard by clicking either “Basic” or “Advanced” under the “Exchange” tab in the upper left-hand corner. For beginner traders, the “Basic” view is easier to navigate.

Go to the trading pairs tab and choose the trade you want to make. If you have deposited Bitcoin to your account, you will be able to purchase several different cryptos with Bitcoin. One more thing worth noting is that Binance also supports some trading pairs which use Ethereum as a base currency. This means that if you want to take advantage of the BNB token for decreased fees on Binance transactions, you can use either Ethereum or Bitcoin to purchase BNB.

Once you’ve selected your desired trading pair, simply enter the desired amount of currency you want to buy. Also, you need to set the price you’re willing to pay for it. Once the details have been confirmed, click the “Buy” button in order to complete the transaction.

When you have bought a new cryptocurrency, your funds will show up in that cryptocurrency’s designated wallet in your account’s “Funds” area. You may need to take further steps towards account verification in order to withdraw funds from Binance.

Company Trust

I’ve been increasingly interested in Binance recently after seeing that community members seem to love this exchange. Binance was suggested time and time again on forums as a better alternative to Bittrex.

Based in Shanghai, Binance is one of the newest cryptocurrency exchanges in the industry. The company raised around $15 million in an ICO in July 2017. It immediately acquired 20,000 registered users as part of the raise.

Changpeng Zhao, CEO of Binance and co-founder of OKCoin, has an impressive resume with years of experience in cryptocurrency. He was the Founder and CEO of BijieTech, Co-founder and CTO of OKCoin, and the Head of Development at Blockchain before working on Binance.

In August 2017, the exchange announced that Yi He, co-founder of OKCoin and one of the most respected and influential individuals in China’s online economy, was joining the platform. She was co-founder of OKCoin, the Vice President of Yixia Technology, and the Founder of Yi Zhi Bo before working on Binance.

Many investors have taken a closer look at Binance since Yi He joined the platform. The value of Binance Coin has risen by 40% at the time of writing.

Transfer Limits

You can only deposit cryptocurrency funds. However, there’s no limit on the amount that you can deposit, and there are also no fees on any of your deposits.

The amount which can be withdrawn each day is determined by user’s verification tier. You’re placed at Level 1 without submitting any verification details, and you can withdraw up to 2 BTC worth of cryptocurrency a day.

You need to enable either two-factor authentication (2FA) or Google Authenticator in order to be classified as Level 2. Currently, only Chinese phone numbers are supported for 2FA.

How Secure is Binance platform?

The Binance architecture includes CCSS and ISO/ICO_27001:2013 security protocols. For account security, the platform offers users the option to activate Google Authenticator and 2FA to verify withdrawals and security modifications. Users must activate one of these features in order to verify an account.

Binance’s privacy policy states that the platform does collect user information and stores the data on its servers. Users concerned with privacy can click the “Privacy” tab on the main Binance site if they want to review the details of the Binance policy in full.

Conclusion

The myriad of coins and low and competitive trading fees found on Binance are unmatched. The exchange is also known for its fast processing speeds and is capable of processing 1.4 million transactions per second. The platform has started to gain popularity in the blockchain community, and currently sits at the number 17 spot in terms of 24 hour trading volume.

The major problem we have with Binance is that the company is new and the project hasn’t been around long enough to actually prove itself.

CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner.
The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

They offer 50%-cheaper TRADING with BNB. Withdrawal is not trading so they charged you withdrawal fees (you send coins to other wallet). When you TRADE on Binance with BNB pairing, they charge no fees.

I got hacked on Binance and was offered no help in recovering any of my stolen funds; there is always talk of cryptos being safe but you would think if there’s a ledger open to the public and stored on not one but thousands of servers you’d have more safety than a regular market but I guess I must be the only person who got burned even while following all the safety protocols they recommend. YOU COULDN’T PAY ME TO USE BINANCE EVER AGAIN!!!!

Hi guys Im Filipino i live in Australia for for a while, that’s where I bought my coins some in btcmarkets and coinspot last year, now that I’m back in the Philippines and I’m not going back to Australia,my australian bank account cost me 5$ a month, now that the market is no good to sell,any tips and ways to kept my coins, while im in the philippines,i wanna close my australian bank account,do I really need my Australian bank account to keep my coins? please help thanks… what should i do,should I transfer it here and make a Philippines account?

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